The acquisition will not become unconditional by 19 September
Rank agreed to acquire Gala Casinos for us$ 332.9 million
2012-09-19
Reading time 40 seg
(UK).- On 12 May 2012, Rank announced that it had conditionally agreed to acquire Gala Casinos from Gala Coral Group for a total cash consideration of us$ 332.9 million. The acquisition was conditional upon the approval of Rank shareholders (which was obtained at a general meeting of Rank held last 26 July) and upon receipt of UK merger control clearance by 19 September 2012.
On 20 August 2012, the Office of Fair Trading announced that it had referred the acquisition to the Competition Commission. Accordingly, the acquisition will not become unconditional by 19 September and therefore the agreement relating to the acquisition will cease to be formally binding on the parties at midnight on 19 September 2012.
Rank and Gala Coral Group are nevertheless continuing to assist the Competition Commission with its inquiry and are continuing their discussions in relation to appropriate amendments to the Acquisition terms in the light of the reference to the Competition Commission. A further announcement will be made in due course.
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